A company’s financial year
A company’s financial year

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • A company’s financial year
  • Brexit impact
  • Determining a company’s ARD
  • Determining a company’s ARP
  • Altering a company’s ARD
  • Determining a company’s financial year

The determination of a company’s financial year is a complex process involving the determination of its accounting reference date (ARD) and its accounting reference period (ARP). A company’s financial year is determined by reference to its accounting reference period: it will be the same as that period, save that the directors may determine that the financial year ends on a day not more than seven days before or after the end of the accounting reference period. A company’s accounting reference period is determined by reference to its accounting reference date: it ends on that date.

Some or all of these statutory provisions relating to a financial year may also apply to other companies (such as overseas companies (as defined)) and entities, but this issue is outside the scope of this Practice Note.

Brexit impact

The UK corporate reporting framework may be affected by Brexit. For further details of its impact, see Brexit—accounts and reports.

Determining a company’s ARD

The last day of the month in which the anniversary of its incorporation falls is the ARD of a company incorporated:

  1. in Great Britain on or after 1 April 1996 and before 8 November 2006

  2. in Northern Ireland on or after 22 August 1997 and before 8 November 2006, or

  3. after 8 November 2006

The ARD of a company incorporated in Great Britain